Contrary to the popular saying, filing for bankruptcy is not a bad thing. It is, in fact, a good thing as it eventually gives you the opportunity to have a clean financial slate. If your credit is in shambles, bills are piling up, your rent is due, and you have no means of making your monthly payments on your credit card – you should consider filing for bankruptcy. Chapter 7 bankruptcy is the best option if you can’t make your credit payments, but if you need a payment plan to pay back all your debt, you should opt for Chapter 13 bankruptcy. After filing for bankruptcy, all of your unsecured debts would be discharged, and you’ll have a clean financial slate – but it is not always easy. The red flag on your credit report that indicates you’ve filed for bankruptcy will make it hard to get any kind of loan or credit. Also, it will remain on your report for seven to ten years, depending on the type of bankruptcy you choose. In this article, we will discuss what life looks like after bankruptcy and how to build your credit after.
Despite the fact that many people make a substantial amount of money, they find themselves living paycheck to paycheck, which eventually lands them in financial trouble. Why, you might ask? Well, it is because a large number of people have really poor financial habits. However, financial troubles don’t just spring up from nowhere – there are always warning signs. Many people tend to ignore these warning signs until it blows up in their faces. In this article, we will be discussing these financial trouble warning signs extensively.
One of the worst things you can have on your credit report is a charge-off. What is a charge-off, you might ask? A charge-off happens when an account has been behind on their credit card, mortgage, or other debt payments – usually after 180 days of not paying the required minimum payment. The creditor designating your debt as charged-off doesn’t mean you will not be required to pay the debt. Quite the contrary as the charge-off will stay on our credit report for seven years from the date it was reported as a charge-off. This would no doubt cause substantial harm to your credit score, affect future credit and loan applications — no one wants that. In this article, we will discuss charge-offs in detail as well as the steps to take to get them off your credit report.
When a person is unable to pay back their outstanding debts, they can file for bankruptcy. There are two different types of bankruptcy- personal and business bankruptcy, but they are generally viewed as a means to getting a fresh financial start. People usually file for either a Chapter 7 or Chapter 13 bankruptcy when filing for a discharge. A Chapter 7 bankruptcy is for people who don’t have the means to pay back their debts while a Chapter 13 is for those who require a payment plan to be able to pay back their debts. You might be wondering if you can file for personal bankruptcy multiple times, and in this article, we will discuss this in detail.
Congress abolished debtors’ prison in 1833, but in reality, the prosecutors’ offices and the courts have empowered debt collectors to make use of this same criminal justice system to terrorize and punish debtors into paying the debts they owe. These debts range from consumer debt to car payments to student loans to utility bills to medical bills. This development is very disheartening if you consider that private collection agencies now control the debt of over 70 million Americans, including low-income families.
Whether you are single, married, or have kids, your monthly car payment is your ticket to freedom and a fully paid-for car that can take you and the family from point A to point B. However, if you can’t fulfill your monthly obligations, this can easily turn into a financial disaster. One of the major ways of maintaining your financial situation is by paying your bills on time – not doing this will affect your credit score and limit how much credit you can get.
There are a lot of false facts and myths surrounding bankruptcy, which have made it hard for a lot of people to decide their financial future. Sure, filing for bankruptcy isn’t easy, and people will always talk, but sometimes, this is the best option for you to get debt relief. Who doesn’t want relief from some of their debts? I know I do. Filing for Chapter 7 or Chapter 13 bankruptcy isn’t a simple feat, but it is a beneficial one once you are able to jump through all the hoops. In this article, we will discuss and debunk some of the myths surrounding bankruptcy.
Nowadays, there is a stigma attached to filing for bankruptcy as it is seen as a failing, which shouldn’t be so. Contrary to popular opinion, bankruptcy doesn’t always have to be a bad thing as it can be a good decision for a number of reasons. It is also important to remember that no two bankruptcy cases are the same and people file for bankruptcy for varying reasons. Some people file for bankruptcy because of unforeseen circumstances like unexpected medical bills or divorce. In cases like this, it is a good thing as filing for bankruptcy gives you the opportunity to regroup and start over. It is better to file for bankruptcy than to allow collections, foreclosures, and repossessions to push your scores down. In this article, we will be taking a look at some of the reasons why filing for bankruptcy can be a good thing.
Having a high credit score is very important in your financial life. The higher your credit score, the better your chances are of qualifying for credit cards or loans with good interest rates. Depending on your credit score, it can either save you a lot of money or cost you a lot of money. However, quite a number of people have poor credit scores because of a missed payment, credit history errors, or others. If you are one of the people with a low credit score, you are not alone. You must note that improving your credit score takes time, as there’s no instant way to fix a credit score. Quick-fix methods almost always backfire, so it is important that you don’t rush to get one. We will be discussing the different ways you can improve your credit score in this article, so let’s get right to it.
Mallinckrodt, which is considered one of the biggest generic opioid manufacturers in the US, has tentatively agreed to settle the numerous federal lawsuits against them. This company was sued by the local and state government because of the opioid crisis, and they have tentatively agreed to pay $1.6 billion to settle it. The company stated on Tuesday that the agreement was endorsed by over 40 US territories and states with a large committee of lawyers representing different countries and towns.